Does IT Department keep an EYE on everyone’s Bank Account ?

POSTED BY radhevajrakaya ON January 12, 2014 9:59 pm COMMENTS (6)

Actually I am a Student now, so get Money for my fees and study expenses by my parents transferred to my BANK Account .

Now I ASSUME Few Months Down the Line I take admission in MBA and My total expenditure including fees and living expenses come to RS 20 lakhs (Plzzz read it as an EXAMPLE). And In between this years I earn 3-4 Laksh via Stock Market.

Now my point is suppose during my placements I got good Package . Here my SALARY will be TDS right??

So during this period will my company know or will it tell me to furnish my Tax Returns. (I can Tel them I am A Fresher )
Further Will I have to show income rather than my SALARY as my Income.

My INTENTION is to HIDE my Stock Market Earnings . Secondly what the IT deptt will do if they come to know that I paid my College Fees from my Parents Money …..Will they TAX me too.

PLZZZ Note :: In my REAL LIFE I havent earned a single penny from Stock Market My Portfolio of More Than RS35,000 is reduced to Rs13,000 in past 3 YEARS.

Thirdly Until And unless I do any illegal activity or wrong things I won\\’t come under Income TAX Scanner. Am I right???

Fourthly Do the IT Department keep an EYE on everyones Bank Account INCLUDING MINE & YOURS.

6 replies on this article “Does IT Department keep an EYE on everyone’s Bank Account ?”

  1. radhevajrakaya says:

    Thank You everyone .

  2. ashalanshu says:

    Dear Radhe, if you rephrase your question like this – I want to save Tax outgo from legitimate means, can I do that for my share transaction income? is it appealing or not over your tax evasion query? 🙂

    By the way, you can post the same query in the group again. Dear Dr Aksingh was just pulling your leg in earlier discussion.

    Thanks

    Ashal

  3. rockingguy says:

    You need to give PAN to bank account and the broker who conducts stock market transactions

    Once you supply PAN, IT department can track any transaction. Therefore, it’s not possible to hide any thing from them

    If you try to hide any income, they will send you letter asking you to appear at nearest IT office in your ward and explain sources of income with the required books of accounts and documents

  4. radhevajrakaya says:

    Dear Ashal Thanks for answering the one out of many kindly help me out with those too.

    What about Stock market earnings if after placemets while doing the JOB my salary will be TDS than will the IT deptt will know about my extra INCOME and if yes than WILL I be send to JAIL.

    Is it true that THE IT Department keep an EYE on everyones Bank Account INCLUDING MINE & YOURS.

  5. ashalanshu says:

    Dear Radhey, the money received by you from your parents to meet out your educational and living expenses is not at all your income and can not be taxed.

    Thanks

    Ashal

  6. Syamantak says:

    Did you just say :

    “My INTENTION is to HIDE my Stock Market Earnings”

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